Bahri gets CMA nod to top-up capital to SAR 9.23B via bonus issue
The Capital Market Authority (CMA) approved the National Shipping Company of Saudi Arabia's (Bahri) request to increase its capital from SAR 7.38 billion to SAR 9.23 billion by granting one bonus share for every four shares held.
The planned capital hike will be funded by capitalizing SAR 1.84 billion from the company's retained earnings account.
Consequently, the number of the company's outstanding shares will rise from 922.85 million to 738.28 million.
The deciding extraordinary general meeting (EGM) shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws.
According to data available with Argaam, in March, Bahri's board of directors recommended a 25% capital increase through a 1-for-4 bonus share issue.
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Asharq Al-Awsat
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Asharq Al-Awsat
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